Zillow: Rates Dip to the Lowest Level in Nearly Two Months

The 30-year fixed mortgage rate on Zillow Mortgage Marketplace is currently at 4.16 percent, down three basis points from this time last week. The 30-year fixed-rate mortgage (FRM) peaked on Tuesday at 4.22 percent before plummeting to 4.14 percent Wednesday afternoon, where rates continued to hover for the remainder of the week. “Last week, rates dipped to the lowest level in seven weeks as weaker than expected homes sales and continued concerns over geo-political stability in Ukraine kept downward pressure on rates” said Erin Lantz, vice president of mortgages at Zillow. “This week, we expect more volatility as both the mid-week Federal Open Market Committee announcement and Friday’s jobs report have the potential to move markets.” Zillow’s real-time mortgage rates are based on thousands of custom mortgage quotes submitted daily to anonymous borrowers on the Zillow Mortgage Marketplace site, and reflect the most recent changes in the market. These are not marketing rates, or a weekly survey. The rate for a 15-year fixed home loan is currently 3.15 percent, while the rate for a 5-1 adjustable-rate mortgage (ARM) is 2.81 percent.